A prominent cryptocurrency trader and analyst is sharing a pessimistic outlook on the overall digital assets market.
Using the pseudonym Bluntz, the trader with a substantial following informs his 266,600 followers on X that the crypto space is poised for at least two weeks of widespread market decline.
Bluntz also reveals that he has shifted most of his crypto holdings to stablecoins. Regarding his trading strategy in the near future, Bluntz comments,
“I won’t be taking any long positions for the next few weeks, and will reassess afterwards.”
Speaking specifically about Bitcoin (BTC), the anonymous analyst suggests that the primary crypto asset is likely to experience a downward trend with volatile fluctuations for approximately two more weeks. According to Bluntz, Bitcoin might find support around the $60,000 mark before starting an upward trajectory.
Based on Bluntz’s one-hour chart analysis, it seems he is implying that Bitcoin could potentially reach a new all-time high of $82,000, marking a 27% increase from the current price.
At the time of writing, Bitcoin is valued at $64,705.
Turning attention to Solana (SOL), the mysterious analyst, known for incorporating the Elliott Wave theory in his analyses, points out that Solana has completed a three-wave pattern to the upside against both the US dollar and Bitcoin, indicating a potential downward movement. As per the Elliott Wave theory, an asset’s price trend typically follows a five-wave pattern, with corrections occurring in a three-wave pattern.
“…the current state of a former market-leading bull-run asset is not very promising for the broader market.”
In July, Solana surged by approximately 60%, reaching a two-month high of around $193, and is currently priced at $170.
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